Olafur Eliasson, a Danish–Icelandic artist whose installation “The Weather Project” drew 2 million people to the Tate Modern in 2003 and 2004, has designed what will likely be the city’s biggest public art project since Christo and Jeanne-Claude’s “The Gates”: a series of freestanding waterfalls in the East River.

Mayor Bloomberg and the Public Art Fund, a private nonprofit organization that produced, among other works, Anish Kapoor’s “Sky Mirror” and Jeff Koons’s “Puppy,” both at Rockefeller Center, are scheduled to announce Mr. Eliasson’s project at the South Street Seaport tomorrow.